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EURJPY Weekly MACD Trying to Positively Cross

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The EURJPY rallied another 100 pips yesterday, but appears to want to healthily consolidate for at least several days after rebounding for more than a week from the 2019 low. Significantly, the EURJPY has reclaimed the psychologically key 120 whole figure level, and is nearing the downtrend resistance line (on the weekly chart). Any weekly close above the weekly chart downtrend resistance line will bullishly reinforce the major trend reversal effort (higher) tentatively under way. In the next day or so though, consolidation can be expected with the 4hr MACD trying to negatively cross, and the daily Stochastics overbought and tiring. The weekly RSI, Stochastics and MACD, along with daily MACD are bottomish or rallying. I am looking at entering long in the green zone (of the daily chart), and am targeting the red zone for next Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

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Mar 31, 2020
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